The Rise of Millennial Homebuyers: Redefining the Housing Market
Online property search portal NoBroker reports a 23% increase in millennial homebuyers on its platform, driving changes in the housing market.
MillennialsHomebuyersHousing MarketNobrokerProptechReal Estate MumbaiJul 27, 2024
Millennials, born between 1981 and 1996, are redefining the housing market with their unique preferences and needs. They view property ownership not as a milestone, but as a means of building wealth and establishing stability early on in life. Most of these young homebuyers work in the private sector and have a nuclear family set-up.
The report also highlighted that nearly 67% of the 11,000 respondents surveyed belong to dual-income households, indicating higher disposable income, greater financial independence, and flexibility in decision-making. This has led to a surge in demand for 1 BHK and 3 BHK units, with 39% and 33% of respondents respectively expressing interest in these configurations.
Location is the most crucial factor for millennial home seekers, with 49% of respondents citing it as their top priority. The survey, which covered respondents from Bengaluru, Mumbai, Pune, Hyderabad, Chennai, and Delhi NCR, also revealed that nearly 32% of women prefer to invest in real estate either as sole owners or co-owners.
The rise of female ownership can be attributed to factors such as increasing financial independence, cultural shifts, and government initiatives. Furthermore, 60% of respondents expressed interest in purchasing under-construction properties, indicating their confidence in the capital appreciation of projects.
The report also highlighted the challenges faced by tenants, with average rent inflation outpacing annual salary increments. However, this has led to an increase in home purchasing decisions. Real estate developers are responding to these changes by tailoring their offerings to meet the evolving demands of their customers, with a focus on IoT-powered amenities, functionality over space, and convenience above all.
About NoBroker NoBroker is a leading online property search portal that provides a unique platform for homebuyers and sellers to connect directly. With its innovative approach and customer-centric services, NoBroker has emerged as a proptech unicorn in the Indian real estate market.
Frequently Asked Questions
What is the age range of millennials?
Millennials are individuals born between 1981 and 1996.
What is the most crucial factor for millennial home seekers?
Location is the most crucial factor for millennial home seekers, with 49% of respondents citing it as their top priority.
What is the preferred unit size for millennial homebuyers?
The demand among millennials for 1 BHK and 3 BHK units is fast outpacing the demand for 2 BHK units.
What is driving the increase in female ownership in real estate?
The rise of female ownership can be attributed to factors such as increasing financial independence, cultural shifts, and government initiatives.
What is the trend among millennial homebuyers in terms of project type?
60% of respondents expressed interest in purchasing under-construction properties, indicating their confidence in the capital appreciation of projects.
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